Skopje, 24 December 2024 

The National Bank expects a moderate growth acceleration in the following year, rising up to 3.3%, enabled by a positive contribution from all growth components, including the announced public investment cycle and the higher inflow of foreign direct investments. Exports are expected to accelerate accompanied with further recovery in global conditions, as well as a positive contribution of private consumption amid growth in disposable income and expectations for solid lending to households. However, having in mind the enduring risks, a cautious approach is required. This was emphasized by Governor Anita Angelovska-Bezhoska in an interview for "Macedonian Radio".

Angelovska Bezhoska specified the three basic factors for the economic growth − productivity, human and physical capital, the volume of which depends on public and private investments. A certain improvement in investments is expected for the next year, even in the medium term, due to the announced enhanced public investment cycle and the more significant inflow of foreign direct investments. The investment growth is expected to average around 7%. In addition, Angelovska Bezhoska stressed that in the first three quarters of this year the foreign direct investments exceeded Euro 800 million. "If these trends continue, it is a good signal for strengthening the investment activity and increasing the growth potential," Governor Angelovska Bezhoska emphasized, adding that significant reform efforts are needed to raise the level of productivity in our economy, which is currently half of the average productivity level in the EU. 

The Governor also emphasized the importance of exports as a significant tool for small economies, which do not have their own large market and are focused on placing their production on foreign markets. "There is a large number of empirical studies that link the level of foreign trade in a country (exports) and the level of convergence. In our country, income convergence has doubled in the last two decades, among other things, due to the large increase in exports from 70% to 150% of GDP, making us the country with the highest trade openness in the Western Balkans region. We winessed a larger decrease in exports during the pandemic, followed by a process of gradual recovery. In the recent period, there was certain stabilization, with these trends mainly being in line with global trends, where the growth of world trade has slowed down to 0.8%. The Macedonian economy was also affected by certain specific domestic factors, such as the temporary shutdown of certain facilities in the metal processing and automotive industries, which we hope are temporary and which we believe will contribute to a solid acceleration of exports by 5.8% in the medium term from next year," emphasized Governor Angelovska-Bezhoska. 

Governor Angelovska Bezhoska used the opportunity in the interview to congratulate all generations of the "Macedonian Radio" employees on their eightieth anniversary, wishing them further success in nurturing the spirit of Macedonian tradition.